Are the cashflow kings becoming capex kings?
ANALYSIS: Largest driver in growth of fixed assets for Amazon, Microsoft, and Alphabet is growth in demand for cloud services; two other drivers could be cause for concern.
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When the online and software companies that dominate the market today were overtaking the largest industrial and financial companies in terms of market capitalisation, one clear point of contrast had been how much more efficient the new leaders were in their use of capital.
Until the mid-2000s, many
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